Nevada’s real estate market is slowly recovering after the big changes of the past few years. Home prices are slowly going up again.
Sales are becoming more stable. Buyers are enjoying more inventory and longer selling times. The rental market has softened.
This is a relief for renters in Las Vegas and Reno. They faced high rent increases before. Now, rents are leveling off or even going down as new homes become available.
| Metric | Nevada (Jan 2025) |
| Median Home Price | ~$455,000 (↑5% YoY) |
| Home Sales Volume | ↑1.6% YoY (slight increase in homes sold) |
| Median Days on Market | 64 days (homes taking longer to sell) |
| Active Listings | ↑22.5% YoY (inventory growth) |
| Average Rent | ~$1,900 (↓$200 YoY, –10% YoY |
Residential Market:
Nevada’s housing market is showing signs of stabilization. After a period in 2022–2023 where sales slumped and prices plateaued (because of soaring mortgage rates), 2025 has brought a gentle rebound.
The median sale price is around $455,000. This is an increase of about 5% from last year. This gain is significant, but it is much smaller than the double-digit increases seen during the pandemic boom.
Importantly, prices in Las Vegas have remained near record highs set in late 2024, and Reno has also held its values.
Sales activity is improving slightly (up ~1.6% YoY in recent data), indicating buyer demand is still present.
Buyers now have more power. The median time a home stays on the market is 64 days.
This means homes are not selling quickly. It often takes two months or more to find a buyer. Similarly, inventory has expanded – active listings are 22% higher than a year ago.
This increase in supply gives buyers more choices and has shifted Nevada’s market dynamic closer to neutral. During the peak of the frenzy, Vegas had less than 1.5 months of supply. Now, it is closer to 3 months. This is a healthier balance.
Sellers are realizing they need to set competitive prices or offer discounts. About 23% of sellers in Nevada have lowered their prices. On average, homes are selling at 97.9% of list price –.
Regional notes: The median price of single-family homes in Las Vegas is about $430,000. This is an increase of about 4.5% from last year.
Condos and townhomes in Vegas had an even bigger price rise of around 8.5% by February 2025. This suggests high demand in the more affordable condo segment. In Reno, median prices are in the mid-$500s, roughly flat to last year, with inventory also improving.
Overall, Nevada’s housing market is recovering steadily. This is good news for buyers who faced tough competition before. It also signals to sellers that the market is strong but not too hot anymore.
Rental Market:
The rental market in Nevada has loosened up compared to a year ago. The state’s average rent is around $1,900, which is $200 less than last year on average, roughly a 10% decline. This is mainly due to trends in Las Vegas.
Many new apartment complexes and rental homes have entered the market. This has helped ease the housing crunch. In 2021 and 2022, Vegas saw some of the fastest rent growth in the country. However, by late 2024, rents leveled off and even dropped in some areas.
As of early 2025, Vegas rents are essentially flat or slightly down YoY in most categories. Median rents for two-bedroom apartments in Las Vegas are now a bit lower than last year. This gives some relief to tenants.
Reno and Carson City have also seen rent growth temper as more units became available. The vacancy rate in Las Vegas was very low. It has now risen to about 8%. This shows a more balanced rental market.
Renters are getting more move-in deals and discounts, like free months offers, as landlords compete for tenants in new buildings. However, it’s not entirely a renter’s market – people still lease quality rentals in desirable neighborhoods quickly. More that the frenzied bidding for rentals has eased.
Rent growth trends:
Zillow’s data showed that U.S. rents increased by about 3.5% year-over-year in March. However, Nevada is different. It has negative rent growth because of a unique supply surge after the pandemic.
We expect Nevada rents to stay mostly the same in 2025. There may be small increases if population growth continues. Las Vegas is still gaining new residents, which could absorb the new housing available.
Landlords should focus on keeping tenants happy. This includes good customer service and making property improvements.
Large rent increases are now harder to do automatically. For tenants, now is a good time to negotiate or improve rental agreements. You may find better deals or incentives in this tenant-friendly market.
Investor Behavior:
Nevada, especially Las Vegas, has been a playground for real estate investors for a long time. This includes house flippers and casino owners. In today’s market, investors are being more careful. However, they are getting ready as the market improves.
During 2022’s market cooldown, many investors hit pause (investor purchases in Vegas dropped significantly amid uncertainty). By late 2024, investors were starting to return. Redfin data showed that investor buying across the country began to rise in the first quarter of 2024.
In Las Vegas, investors are very interested in condos and townhomes. These properties saw an 8.5% price increase from last year. This increase is higher than that of single-family homes. This shows that there is competition among investors in this lower price range.
Institutional landlords are still buying suburban houses in Las Vegas for rental portfolios. However, they are doing this at a slower rate than before.
Popular property types include single-family rentals in the Las Vegas suburbs. These target families and service workers. Short-term rentals are also popular near the Strip or in vacation areas. However, there are regulatory challenges for Airbnb-type operations.
Emerging trends: Some investors are exploring build-to-rent communities around Vegas, betting on the long-term rental demand. In Reno, investors are more focused on local opportunities. They pay attention to tech sector growth, like Tesla’s Gigafactory nearby. Investors often choose multi-unit residential properties.
Investor market share: Overall, investors made up about 17% of home sales in Q4 across the country. Nevada usually has a higher investor share because of Vegas’s popularity, but it likely decreased in 2024. We expect that in 2025, this share will increase if the market stays stable.
Small price growth encourages investors. A 5% increase per year is manageable. Rental fundamentals in Nevada remain strong for the long term.
For sellers in Nevada, more investor buyers could lead to more cash offers. This is especially true for homes priced below the median.
The market is delicate. Too much investor activity can push local homebuyers out. However, the increased inventory and stable prices are keeping things balanced.
In summary, investors in Nevada are feeling hopeful but careful. They are coming back to make smart purchases. They are looking for good deals and properties that have high rental demand. At the same time, they want to avoid paying too much in a market that does not promise quick value increases.
Expanded City-Specific Market Trends – January 2025
| City | Median Price | Avg. Rent | Key Insight |
| Las Vegas | ~$430,000 ( ↑4.5%) | ~$1,900 | Record-high prices; inventory growth stabilizing the market. |
| Reno | ~$515,000 ( ↑3.2%) | ~$1,700 | Strong demand continues with more inventory becoming available. |
| Carson City | ~$450,000 ( ↑5%) | ~$1,650 | Affordable entry points attract growing demand in this area. |
Nevada’s real estate market is showing steady improvement, with home prices on the rise and rental demand cooling after several years of rapid growth. Buyers now have more options, while sellers need to be strategic with pricing. For investors, there are still valuable opportunities, especially in suburban markets and the condo segment.
Get Expert Guidance on Nevada and Beyond
Looking for personalized market insights or professional property management services?
We work with clients across Nevada, California, Florida, Indiana, Tennessee, Ohio, South Carolina, and Georgia—providing support whether you’re buying, selling, investing, or renting.
Our team understands the nuances of each local market and is ready to help you make confident, informed decisions.
Reach out today for a custom consultation or to request detailed data for your specific area.
Explore Real Estate Trends in 8 Key States
Our full Spring 2025 Real Estate Market Update – Regional Trends Newsletter features in-depth analysis across California, Florida, Ohio, Tennessee, Indiana, Nevada, South Carolina, and Georgia.
